Crude Oil Surges!!
Today crude oil rallied sharply up $1.91 for the May contract.
On Monday when crude oil sold off, I mentioned that the trend line should act as support. Two days later USO touched the trend line and that was literally the bottom.
I have a very aggressive long oil position in USO and various oil stocks.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
![[Most Recent Exchange Rate from www.kitco.com]](http://www.weblinks247.com/exrate/24hr-euro-small.gif)
5 comments:
Nice call, Kevin.
I got in this one that day too, nice move Kev. That USD/CAD cycle play is working out well too. Nice
Thanks dps, nice going Eric.
sweet crude has been on a downward trend since sep 06 and the momentum of decline is high with each passing week. The candle chart of crude futures express it correctly
The rise of crude since feb is only a technical correction for a more bottoming down.The coming weeks will take crude in the 55 dollar range and the bottoming has already started. now is the best time to buy puts of xom,cop etc
I agree with Manojsai, I still think we need to find a real bottom in crude. However , if there is any news all bets are off ? I find for sleep factor , energy is no easy play !
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